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The first time I traveled through Bocas I was paying $8/night to stay in a hostel. There are tons of choices it just depends what you're looking for. Most likely when you arrive you will be greeted with by a pack of kids who will try to get you to stay at on of the local hotels and guesthouses that will give them commission to bring you there. This isn't nessesarily a bad thing. The thing to keep in mind is location. There are many small hotels on the main strip twhere you could easily get a clean simple room with AC for $25/night. Hostels like Mondo Taitu and Hostel Heike offer cheap accomodation for the weary backpacker. However, if you're not into sharing your space and you're looking for some peace and quiet this is definitely not for you. A nice little spot off the main drag is Cala Luna. It's a nice little spot in town but far enough away. Also, they have a pretty great pizza kitchen. If you want to get even farther away from it all look into staying on one of the neighboring islands.

It's on Colon just a couple blocks of the main drag so it's not within short walking distance from any decent waves. You'll have to get a taxi to surf. It's just a couple blocks from where you can pick up a boat taxi or where you can get a yaxi pick up truck and drive to Paunche.